No matter how the Putin media spin it, sanctions did not cause the spike in natural gas prices. Speculators betting on low supplies did. Europe had to increase demand to top off supplies to prevent Putin from cutting off Europe and putting Europe in the dark. Everybody knowledgeable knows that Putin and Russians were threatening and giddy about Europe being in the dark in the winter of 2022/23. Europe had to take as much supply as the market could send Europe during the summer and fall of 2022 to prepare for a potential Russian cut off of natural gas. Market supplies fell and demand rose, causing the price of natural gas to skyrocket. Russia made money off of this, not because of sanctions. Because Europe prepared for the winter of 2022/23 with high reserves, the Russian cut off energy to Europe never happened. Only because of that.
Europe is not importing as much natural gas from Russia
, and prices are low, not because sanctions are working against Russia, because wall street speculators see an over supply of natural gas and it is the end of winter. Heading into winter there were shortages, the preparing for a hard cold winter using much needed natural gas supplies and the expectation that Russia would put Europe in the dark, cutting off supplies, as the Russian trolls and Russian propaganda were predicting.
This spike in natural gas prices is going to happen again, because Europe needs to top off their natural gas storage for the winter of 2023/24, Russia is going to make more threats, and supply is not going to keep up with demand. Also, central banks are possibly going to print money (lower interest rates) causing the entire commodities market to spike in prices.
To make Europe dependent on Russian natural gas is the folly, not the sanctions. You cannot rely on Russia for European security, when Russia is trying to destroy Europe.
Russia cuts off gas exports to Europe via Nord Stream indefinitely
By Uliana Pavlova and Anna Cooban, CNN Business
Updated 6:06 AM EDT, Mon September 5, 2022
Threats to supply cuts spooks the markets and you can continue to have high natural gas prices from a spooked market.
Vladimir Putin orders "unfriendly" foreign buyers of Russia's gas to open Russian bank accounts.
You cannot rely your energy security on a hostile nation that breaks international agreements and invade your friends.
Nor rely on Russian supplies, when they made it clear to cut off supply, shutting off power and crashing your economy. You have to look elsewhere. None of these factors had to do with sanctions.